I feel that the six-month target is much much higher. Agree we...

I feel that the six-month target is much much higher. Agree we should be about 10c currently. Slow and steady wins the race!

Six to 12 month SP target range of 15c to 25c:

Once we start generating cash and with good momentum, I think we will likely get to 15c -about $600m. Further off-take announcement where our REO is sold to a leading Automaker or any other global brands, with good momentum we will see $1bn MC, about 25c. There will be plenty of news on Kipawa, Zeus, and Wigu Hill (Tanzania) that will help the SP momentum. ASX investors like news and I hope there will be plenty of it in the coming months.

12 months and beoyond a target MC of $2 bn + = 50c + assuming no dilution

Like they have done in the past, VML management needs to keep hitting any promised milestones - a key is to get to that 5,000mt REO target in 2025. If management keeps delivering the market will believe what they say and this will help the share price momentum. So on a comparable valuation basis, we should get to $2bn (1/3 of LYC value based on their current MC).

The business model of self-funding is a key takeaway for me to assume that there will be less dilution. Of course, Management will hopefully consider any strategic investments.


We will likely hit 10c soon

VML has strong fundamentals and ticks the boxes as a well-run business.

The first target of 1,000mt REO production is appro 1/16 of what Lynus sold last year. Last FY LYC sold 16,405mt REO. So on a comparable valuation basis, fundamentally we are worth at least 1/16 of LYC value of $6.7bn = about $400m. About 9.7c. Fundamentally, markets value stocks on a future earnings basis, and this is the reason why I think it should be at least close to 10c now.

Yes, I know that markets do not necessarily value stocks on a comparable basis. Hopefully, for VML this will change soon and will get to the value the business deserves.

For VML to re-rate from current levels, we also need a bit of price momentum and good sentiment - we need US small-cap funds and ETFs to buy VML. This is why the recent presentation at the NA Critical Minerals day is so important.

Given that we have already started mining, have got a supply chain in place, with cash in hand + great management that has delivered to promises, this little gem ticks most boxes.

I like self-funding projects - there are not many projects available globally.